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Jul 14, 2016

RT International Live Coverage - July 14, 2016: Live Coverage Truck Rams into Crowd in Nice , Dozens Dead ..

CMI Spot Prices at Close on July 14, 2016

Spot Prices as of traditional New York closing times

Thursday, July 14, 2016

WSJ | Biggest Gainers Closing on july 14, 2016

THE WALL STREET JOURNALBiggest Gainers Closing
Biggest Gainers
4:46 pm ET 07/14/2016

WSJ | Biggest Decliners Closing on July 14, 2016

THE WALL STREET JOURNALBiggest Decliners Closing
Biggest Decliners
4:31 pm ET 07/14/2016

WSJ | Most Actives Closing on July 14, 2016

Most Active Stocks by Volume
4:31 pm ET 07/14/2016

Wall Street at Close Report, by CNBC on July 14, 2016: Dow Closes Up Triple Digits at Record, First 5-Day Win Streak Since March

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FTC Press Release - July 14, 2016: FTC Issues Warning Letters to Companies Claiming APEC Cross-Border Privacy Certification.

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The Federal Trade Commission has issued warning letters to 28 companies that claim certified participation in the Asia-Pacific Economic Cooperative’s Cross-Border Privacy Rules system on their websites but do not appear to have met the requirements to make that claim.

FTC Press Release - July 14, 2016: FTC Approves Final Order Settling Monopolization Charges Against Supplier of High-Performance Polymer for Medical Implants

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Order Designed to Facilitate Price Competition, Spur Innovation, and Enhance Choice, According to a Commission Statement
Following a public comment period, the Federal Trade Commission has approved a final order settling charges that Invibio, a company that supplies some of the world’s largest medical device makers with a high-performance polymer used to make spinal and other medical implants, used long-term exclusive contracts to illegally maintain its monopoly.
In a formal statement issued with the approval of the final order, the Commission noted that the case “reflects our commitment to intervene when a dominant firm employs exclusionary practices to maintain its monopoly power and harm competition.” The Commission also stated that the order is designed to “facilitate price competition, spur innovation, and provide medical device makers with a meaningful choice among PEEK suppliers.”
According to the administrative complaint, Invibio relied on the exclusive contracts to prevent its customers from using more than one source of supply for the polymer, implant-grade polyetheretherketone – known as PEEK – despite the customers’ business preference to do so. Invibio was also able to maintain high prices notwithstanding the availability of PEEK at significantly lower prices from two newer PEEK suppliers, and prevent the two newer suppliers from developing into fully effective competitors.
Under the final order, Invibio, Inc., Invibio Limited, and their corporate parent, Victrex plc, are generally prohibited from entering into exclusive supply contracts and from preventing current customers from using an alternate source of PEEK. The order also generally bars the companies from using other contract provisions –such as market share or retroactive volume discounts – that could effectively result in an exclusive arrangement between Invibio and a device maker.
The Commission vote approving the final order and a Commission Statement was 3-0.
The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about how competition benefits consumers or file an antitrust complaint.

Contact Information

Betsy Lordan
Office of Public Affairs

Mika Ikeda
Bureau of Competition 

Related Cases

Related Actions

More news from the FTC >>

FRB Press Release: Announces Termination of Enforcement Action - July 14, 2016

Press Release

Release Date: July 14, 2016

The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below:

Northpointe Bancshares, Inc., Grand Rapids, Michigan
Written Agreement dated January 21, 2009
Terminated July 12, 2016

Search of Federal Reserve enforcement actions.
For media inquiries, call 202-452-2955.

Last update: July 14, 2016

European Markets at Close Report, by CNBC on July 14, 2016: Europe Close Up as bank of england Holds Fire but Hits at Future Easing

Arjun Kharpal, Holly Ellyatt

European stocks bounced back to close higher on Thursday after falling when the Bank of England surprised markets by holding rather than cutting interest rates.

Tocqueville | Gold Strategy

Author:  John Hathaway

The precious metals markets have clearly turned the corner, becoming flat-out bullish following the extensive and painful correction from August 2011 to year-end 2015. Year-to-date through June 30, the US dollar gold price has increased 24.57 percent, while the XAU (Philadelphia index of gold and silver stocks) benchmark has increased 116.16 percent. Positive gold cycles have historically lasted for at least three to five years, and some longer. Despite the impressive year-to-date advance, we believe this cycle is still in its infancy, and that it promises to be extremely powerful.

We believe that fiscal and monetary policy in all developed countries has reached a dead end, and is all but bankrupt. More important, we maintain that the persistent application of and adherence to idiotic/unproductive public policies have substantially ramped up systemic risk. Investors are beginning to look to gold, fearing that the purchasing power of all paper currency – including the US dollar – is imperiled. The three-decade low in the pound sterling following the Brexit vote is a warning that the practice of central-bank-managed currency exchange rates is unravelling. Mainstream economists are beginning to express concern:

Brexit is a shock to an already fragile system…. The situation is extremely unstable and if not taken seriously quickly enough could end up setting the European recovery back substantially, threatening the political sustainability of the single currency project. (Note by Torsten Slok, chief economist, Deutsche Bank Securities, 7/5/16)
According to a June 25, 2016, Financial Times commentary, “The Fed is fast becoming a sideshow as forces work against a rate rise.” In our view, interest rates will rise, and cannot be normalized without another financial crisis that would mirror or exceed the intensity of the 2008 global credit meltdown. Super-easy money has, in our opinion, reached the end of the road as a credible palliative for economic underperformance. What comes next is anybody’s guess, but under almost any imaginable scenario, gold benefits.

With popular market averages hovering near all-time highs, complacency seems to rule the financial markets. Confidence seems to rest on the belief that a return to a normal interest-rate structure is achievable, and that the exit from radical monetary policy can be painless. However, ultralow interest rates – the lowest in 5,000 years, according to Bank of America Merrill Lynch’s Michael Hartnett (MarketWatch, 6/14/16) – have inflated asset values while failing to trigger economic growth. A return to normal interest rates cannot in our opinion occur without damage to financial markets. According to Citibank, negative rates are “poison to the financial system,” threatening the viability of the capital-formation process and institutions at the core of the financial system.

We agree with Stephanie Pomboy of MacroMavens that the lesson of Brexit is that political and financial elites are clueless as to fundamental realities: “The markets never could truly embrace polls suggesting a possibility of a vote to leave because they see no problem with the status quo in the first place.” However, she concludes, “Things aren’t nearly as good as non-GAAP earnings and sell-side assurances would have them believe.” For example, consumer goods orders have had negative comparisons in 21 of the last 22 months; orders ex transportation have been down 17 months in a row on a year-over-year basis; factory orders have been down 10 months in a row on a year-over-year basis.

It is difficult to square these and other economic reports with market averages hovering near all-time highs, unless one were to hypothesize central-bank manipulation of these averages for optical purposes to affect consumer and business behavior.

It is impossible to know what headlines, and when, will drive more investors to acquire gold. We believe that the market situation for precious metals is identical to the 1999 bottom, which preceded a 12-year advance of 615 percent. Apparent then, and again at year-end 2015, was nearly universal negativity for gold’s prospects. To pinpoint future reasons for a reversal of sentiment is analogous to guessing which snowflake will trigger the avalanche. What should be obvious to the residents in the valley below is the buildup of the cornice (systemic risk). As Lenin said, “There are decades when nothing happens, and there are weeks where decades happen.” It is the nature of bull markets to leave most investors on the sidelines, scratching their heads as to what has changed. The upsurge in gold could be a warning of seismic shifts in financial markets.

As we have noted in Paper Gold: Utopia for Alchemists and our Fourth Quarter 2015 Investor Letter, physical gold is in extremely short supply relative to the potential demand that could be activated by a shift in sentiment. That is because 99 percent of the gold traded is in the form of paper contracts (futures, ETFs, derivatives, etc.) that are settled for cash instead of for physical metal. In a financial crisis, counterparty risk is likely to become a paramount concern, leading to a run on the credit-based, cash-settled system of gold trading. Flows into gold ETFs, which must translate inflows into physical holdings, are likely to trigger an outsized gain in the gold price because of the scarcity of physical gold.

Mining stocks are likely to outpace gains in the metal in the years ahead. Since December 2015, they have done so by a factor of 4 to 1. The mining industry has cut costs, focused on cash generation, and observed financial discipline that was lacking preceding the 2011 market top. The XAU index of gold and silver mining equities was launched 37 years ago at a value of 100. As of June 30, 2016, it printed at 97.64, which suggests to us that there is ample upside potential. According to the 6/27/16 Belkin Report, “Gold assets are long-term depressed, negatively correlated to the stock market, and have completed a bear market; while stock indexes have entered a bear market….switch out of overvalued equities as global economies contract – into gold-mining equities.”

Gold, having been written out of the monetary script in the years following President Nixon’s closing of the gold window in 1971, appears set to return to center stage. It has recently received serious consideration from noteworthy academic and policy thought-leaders. In a May 3 commentary (“Emerging Markets Should Go For The Gold”), Harvard economics professor Kenneth Rogoff argued that emerging-market central banks should allocate as much as 10 percent of their reserves to gold and away from sovereign debt of wealthy nations:

Why would the system work better with a larger share of gold reserves? The problem with the status quo is that emerging markets as a group are competing for rich-country bonds, which is helping to drive down the interest rates they receive. With interest rates stuck near zero, rich-country bond prices cannot drop much more than they already have, while the supply of advanced-country debt is limited by tax capacity and risk tolerance.
Gold, despite being in nearly fixed supply, does not have this problem, because there is no limit on its price. Moreover, there is a case to be made that gold is an extremely low-risk asset with average real returns comparable to very short-term debt. And, because gold is a highly liquid asset – a key criterion for a reserve asset – central banks can afford to look past its short-term volatility to longer-run average returns.
In a June 27, 2016 Bloomberg interview, Alan Greenspan stated that as a result of Brexit, “we are in the early days of a crisis which has got a way to go,” and that the best solution would be a return to the gold standard that was the basis for international finance from 1870 to 1913. The former Fed chairman (1987-2006) was, in our opinion, an architect and intellectual predecessor for current radical central-banking activism. For him to make such a statement is an eye-opener, suggesting that this former policy insider no longer believes that the dollar-centric fiat currency system is workable.

It seems to us that we have entered a momentous period for gold: “weeks where decades happen.” The rewards of gold exposure, in our opinion, promise to be of historic magnitude. At such a moment, it would be counterproductive for investors to dwell upon issues of market timing. Gold is extremely under-owned, and therefore likely to react dynamically to even modest inflows. Despite strong recent gains, we believe that the current alignment of political and economic factors is unusually compelling. In our view, substantial gains lie ahead.

Tocqueville Gold Monitor[pdf]

John Hathaway
Senior Portfolio Manager
© Tocqueville Asset Management L.P.
July 12, 2016

This article reflects the views of the author as of the date or dates cited and may change at any time. The information should not be construed as investment advice. No representation is made concerning the accuracy of cited data, nor is there any guarantee that any projection, forecast or opinion will be realized.
References to stocks, securities or investments should not be considered recommendations to buy or sell. Past performance is not a guide to future performance. Securities that are referenced may be held in portfolios managed by Tocqueville or by principals, employees and associates of Tocqueville, and such references should not be deemed as an understanding of any future position, buying or selling, that may be taken by Tocqueville. We will periodically reprint charts or quote extensively from articles published by other sources. When we do, we will provide appropriate source information. The quotes and material that we reproduce are selected because, in our view, they provide an interesting, provocative or enlightening perspective on current events. Their reproduction in no way implies that we endorse any part of the material or investment recommendations published on those sites.

U.S. Stock Market Future Indications Update, by MarketWatch - July 14, 2016: Dow Futures up More Than 140 points; BOE Surprices With No Rate Move

BLS News Release | Producer Price Index News Release - July 14, 2016: The Producer Price Index for final demand increased 0.5 percent in June. Final demand prices rose 0.4 percent in May and 0.2 percent in April. In June, prices for final demand services moved up 0.4 percent.

Bureau of Labor Statistics

NYT | First Draft on Politics - July 14, 2016: Running Mate Hopefuls Wait for Donald Trump's Big Decision, by Allan Rappeport

Thursday, July 14, 2016

The New York Times

The New York Times

Thursday, July 14, 2016

Reporters working as supporters waited for Donald J. Trump at a campaign event in Westfield, Ind., on Tuesday.
Reporters working as supporters waited for Donald J. Trump at a campaign event in Westfield, Ind., on Tuesday. Damon Winter/The New York Times
Running Mate Hopefuls Wait for Donald Trump’s Big Decision

Bloomberg Markets - July 14, 2016: 5 Things You Need to Know to Start Your Day

Lorcan Roche Kelly

The Bank of England holds rates unchanged, Bernanke floats the idea of zero-coupon perpetual debt for Japan, and the new British Prime Minister's cabinet prompts surprise. Here are some of the things people in markets are talking about today.

The Washington Post | World Views: The Remarkable Failure of David Cameron

DealBook | Today's Top Headlines - July 14, 2016: The First Woman to Lead Cravath, Swaine & Moore | How Private Equity Found Power and Profit in State Capitols | Law Center Calls Seller-Financed Home Sales 'Toxic Transactions'

Asian Markets at Close Report, by CNBC on July 14, 2016: Asia Markets end Higher; Singapore Stock Market Fails to Re-Open

Saheli Roy Choudhury

U.S. Stock Market Future Indications - July 14, 2016: Dow Futures Jump 100 Points as Traders Bank on BOE Rate Cut

Sara Sjolin

U.S. stocks were on track to extend their run into record territory on Thursday, with futures moving firmly higher ahead of a rate decision from the Bank of England that could force the Federal Reserve to delay its next rate hike.

The Guardian | UK | Media | Media Briefing - July 14, 2016: Today's Top Stories From The Papers

Colin Murray quits TalkSport after takeover by Sun owner
Liverpool-supporting presenter says News Corp’s acquisition of station makes his position ‘unsustainable’

More on MediaGuardian

BBC admits Trainspotting Live gaffe as viewers go loco over old footage
Corporation says Peter Snow got ‘overexcited’ when he saw diesel engine and failed to highlight that clip was five months old

Today’s headlines

The GuardianColin Murray quits TalkSport over link to Sun. P14
BFI season to celebrate landmarks of black cinema. P15
Obituary: Former BBC head of comedy James Gilbert. P35
Daily TelegraphLen Goodman to step down as Strictly Come Dancing judge after next series. P12
Financial TimesSouth Africa broadcaster accused of censorship for failing to cover protests. P8
The TimesState free to spy on press, peers warn. P2
YouTube star PewDiePie was paid to promote game, says FTC. P21
The lowdown: Strictly Come Dancing’s Len Goodman. Times2 P3
Toby Jones on BBC1’s The Secret Agent. Times2 P8-9
iLen Goodman to leave Strictly after next series. P3, P17
Colin Murray quits TalkSport over buyout. P15
Justice in royalties battle as YouTube pays stars $2bn. P15
Channel 4 picks its Paralympics team. P17
Wall Street JournalPokemon Go: reality will never be the same. A8
Daily MailDark side of the Pokemon craze. P17
Diary: Mark Lawson says he faced depression after BBC bullying allegations. P19
Diary: Faisal Islam is outshone by Adam Boulton on Sky News. P19
Diary: Former Sky News deputy political editor is Theresa May’s ‘key communications adviser’. P19
New doubts about press regulator Impress given Max Mosley’s funding. P22
Len Goodman to step down as Strictly Come Dancing judge after next series. P29
Daily ExpressLen Goodman to step down as Strictly Come Dancing judge after next series. P7
The SunBrendan Cole and Anton du Beke running to replace Len Goodman on Strictly Come Dancing. P11
Grant Bovey to appear in Celebrity Big Brother. P35
Mark Williams-Thomas links up with Simon Cowell to make ITV true crime series The Investigator. P35
BBC to air Birds of a Feather Christmas special. P35
Daily MirrorLen Goodman quits Strictly after 12 years. P9
Liverpool fan Colin Murray quits TalkSport over NewsCorp buyout. P19
Breaking Bad actor RJ Mitte in line-up for Paralympics coverage. P21
ITV plans Birds of a Feather Christmas special abroad. P21
Last Tango in Halifax to get two-part special over Christmas. P21
Daily StarLen Goodman quits Strictly Come Dancing after 12 years. P3
Mr Humphries to be openly gay in new one-of Are You Being Served? episode. P3
Birds of a Feather to film Christmas episode in overseas location. P22

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